CALGARY, Alberta, Aug. 05, 2020 (GLOBE NEWSWIRE) — Wilmington Capital Management Inc. (“Wilmington” or the “Corporation”) (TSX: WCM.A) (TSX: WCM.B) reported a net income for the three months ended June 30, 2020 of $0.2 million or $0.02 per share compared to a net income of $34.7 million or $3.40 per share for the same period in 2019. For the six months ended June 30, 2020, the Corporation generated a net loss of $0.1 million or ($0.01) compared to net income of $34.6 million or $3.38 per share.OPERATIONS REVIEW – For the Period Ended June 30, 2020
As at June 30, 2020, Wilmington had assets under management in its operating platforms of approximately $150.5 million ($64 million representing Wilmington’s share).  A summary of the Corporation and its associated entities operations are set out below.Real Estate
Bow City Partnership
On April 30, 2019, the Corporation, following a 2-year zoning approval process, acquired a 19.7% interest in the Bow City Partnerships for cash consideration of $2.475 million which owns two adjacent parcels of land. Construction is underway on a six-storey self-storage facility containing approximately 92,000 sq ft of net rentable area.  A substantial portion of the exterior envelope has been erected and installation of interior storage lockers has commenced. The project is scheduled for completion in late 2020.  The Eastern 51,000 sq ft parcel contains a 32,000 sq ft of warehouse leased to the vendor until May 2021.
Private Equity
Northbridge Capital Partners Ltd. (“Northbridge”) and Northbridge Fund 2016 Limited Partnership
The value of the Northbridge Fund 2016 decreased 45% from December 31, 2019 due to the steep decline in oil prices and the resultant valuation of energy securities.  The unprecedented drop in oil prices is a reflection of the collapse in global oil demand due to the impact of the novel coronavirus (“COVID-19”). Northbridge is examining strategic initiatives to capture the current low valuations of equities in the energy sector.
Marinas
Maple Leaf Partnerships
In March 2020, the Corporation invested an additional $2.0 million in the Maple Leaf Partnerships being its proportionate share of capital raised to acquire four marinas in Ontario.  The acquisitions closed on April 7, 2020 and the Maple Leaf Partnerships now owns and operates seven marinas having over 2,300 boat slips which represents approximately a 50% increase in the number of slips owned last year.
The 2020 boater season was delayed due to closure orders of the Ontario Government to contain COVID-19. On May 16, 2020, the marinas were re-opened as permitted to by the Government of Ontario under its Stage 1 re-opening plan.  Management and staff have successfully implemented safety measures and processes, ensuring the safety of staff and boaters.  Despite the delayed start to the 2020 boating season, slip occupancy is expected to be consistent with the 2019 boating season.In June 2020, the Maple Leaf Partnerships made a $1.0 million semi-annual distribution to its limited partners (Corporation’s Share – $0.2 million), representing an annual return of 10% on invested capital.OUTLOOK
The Corporation is making good progress in executing its long-term plan of growing the marina platform both organically and through the acquisition of first-in class marinas.  A number of new opportunities are under discussion and good progress has been made in advancing expansions and developments.  The development of the Bow City self-storage facility in Calgary’s downtown is also progressing well.  The Corporation enjoys significant liquidity and is well positioned to take advantage of opportunistic situations in these uncertain times.

FINANCIAL RESULTS
STATEMENT OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)BALANCE SHEETSExecutive Officers of the Corporation will be available at 403-705-8038 to answer any questions on the Corporation’s financial results.STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND OTHER MEASUREMENTS
Certain statements included in this document may constitute forward-looking statements or information under applicable securities legislation.  Forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial conditions, expected financial results, performance, opportunities, priorities, ongoing objectives, strategies and outlook of the Corporation and its investee entities and contain words such as  “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, or similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. While the Corporation believes the anticipated future results, performance or achievements reflected or implied in those forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation’s control, which may cause the actual results, performance and achievements of the Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors and risks that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include but are not limited to: the ability of management of Wilmington and its investee entities to execute its and their business plans; availability of equity and debt financing and refinancing within the equity and capital markets; strategic actions including dispositions; business competition; delays in business operations; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; operational matters related to investee entities business; incorrect assessments of the value of acquisitions; fluctuations in interest rates; stock market volatility; general economic, market and business conditions; risks associated with existing and potential future law suits and regulatory actions against Wilmington and its investee entities; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities; changes in income tax laws, tax laws; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; and other risks, factors and uncertainties described elsewhere in this document or in Wilmington’s other filings with Canadian securities regulatory authorities.The foregoing list of important factors that may affect future results is not exhaustive.  When relying on the forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.  Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, that may be as a result of new information, future events or otherwise.  These forward-looking statements are effective only as of the date of this document. 

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